Thanks to Team Kalia, I got exactly what I wanted and am happy with my purchase and buying experience. daily that meet our requirements. I highly recommend Amit. From my experience, I can confidently recommend him to anyone looking to buy a property in GTA. Amit helped us select the best legal team, navigated us through the bidding process and in no time we were ready to move into our new home! Every purchase agreement for a condominium unit will include either a confirmed “occupancy date” or a “tentative occupancy date”. It happens quite frequently that a client calls me to say that the Closing Date for his/her new construction residential property is fast approaching but when he/she drove by the project site, it seems highly unlikely that the builder will be able to complete the construction on time. I have worked with him for the last 15 years and have bought 3 properties, through him. Foremost, he was very honest with his advice. Some buyers become frightened when prices seem to be too soft, when they should be jumping with joy, and others are afraid of further declines in the market. Delayed Closing Dates. He. Update: Based on the new information I would say that delaying closing might be a good idea. From the times he helped me rent my property over the years to my initial interest in selling. These builder closing costs can easily amount to 1-3% of the original purchase price (and there’s talk of the development fees doubling in Toronto in the near future). In all cases, the maximum amount that can be claimed for living expenses and other direct costs caused by the delay (such as extra moving and storage costs – and receipts are required for these costs) remains at $5,000. Agreement signed on or before June 30, 08 The builder can delay occupancy of a new condominium unit for up to 5 days without giving notice or compensation. We have viewed a lot of properties and Amit was very patient throughout the process. In most states, a contractor or builder can’t ask for more than 33% of the total cost of the home upfront, ... don’t delay … What are Closing Costs: Deposit The deposit should come as no surprise. Thank you Amit Kalia. Both Amit and Bridgette worked tirelessly to curate the best properties that suited our needs at the time and most importantly our budget. Amit helped me look for my first investment property in Toronto. Team Kalia serves property sellers, first time buyers, investors, landlords, new immigrants and non-residents in Mississauga including Square One City Centre area. The best option depends on the seller's motivations and the language of the sales contract. Copyright 2007 - 2020 Team Kalia, Amit Kalia, RE/MAX Broker, SRES®. Time delay relays can also make sure that the different parts of a machine start separately at predetermined times, such as: production; safety; Production. Dear Cameron: Delays can be extremely frustrating, especially when they occur multiple times during the same project. From our research, Team Kalia had a proven track record of success and best in class service, so naturally we chose them. �, Closed the sale on my Mississauga condo today. As a first time buyer, working with him was very pleasant as he was honest, explained little details I otherwise wouldn’t have known and gave helpful advise based on his years of experience in the real estate industry. Most of the time, there’s little doubt that the sale will close. Your Statement of Critical Dates indicates an “Outside Closing/Occupancy Date.” If your home is not completed by that date, a 30-day Purchaser’s Termination Period is triggered during which you can terminate your agreement. Again, Amit and Bridgette stepped in, provided free staging, a professionally shot virtual walkthrough video and an eye catching listing that got us 30K over asking. I have found that most of the parties in a contract can be reasonable despite what sometimes can be an emotional moment if the information is provided timely and realistically. When you’ve waited anxiously to close the sale of your home, you’re apt to be frustrated by any delay. I will definitely recommend Amit if you are looking for a property. For condominiums, it is the occupancy date. We purchased the property over 10 years ago - Amit to this day still helps us find tenants and coordinates the rental process. About the authors: The above article “Top 10 Final Walk-Through Issues That Can Delay Or Kill A Closing” was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group. The closing attorney and real estate agent should make it clear that while many times a real estate transaction will close within a few weeks after the date in the contract, the “on or about” closing date is not set in stone and very rarely provides the finite timeframes that most people would expect in a transaction as important as this. Amit Kalia is a reputed Broker, SRES® with Re/Max Real Estate Centre Inc. In Ontario alone, more than 52,500 buyers opted for a new build last year, and a forecast by the Canada Mortgage and Housing Corporation (CMHC) predicts that number will only climb. Amit is not only an impressive realtor but also a genuine person to deal with. However, if your Agreement of Purchase and sale has pre-capped closing costs, or if your lawyer amends the contract and has them capped for you, the builder can only charge you that capped cost. What can I do? process. The customer satisfaction level of buyers who are kept well informed regarding status of construction process are found much higher than those who are kept in the dark. For example, if construction has not yet started, or if there are unpredictable obstacles which could slow completion. Example: cat AND dog (same as cat dog, content must contain both "cat" and "dog"). I delayed my closing date several times with the builder because house wasn't finished by MY standards. The good news is that you can have these closing costs ‘capped’ at the time of signing the APS. The last one was the sale of my condo in May 2019. sold it in a day and for above asking pricing. The closing date is something you want to mark on your calendar, but you might want to do it in pencil. He was very patient through the process and spent a lot of time informing us about. The first page of the Addendum is a Statement of Critical Dates, which clearly indicates the date your builder expects to finish your home and the latest possible date for permitted extensions of that date. That’s why in today’s article, we’ll help clear up the confusion around closing costs. It was a very pleasant experience to deal with him. It's especially frustrating if that "further out" date is yet to be determined. He understood our requirements and guided us at each. Use quotes to search for a phrase. (Please note that these costs vary based on your contract): Common Expenses/Maintenance Fees/Condo Fees - Approximately $600 to $1200. According to the J.D. ... the terminology differs from builder to builder, and can be confusing to buyers. Always giving us good advise on our search. Power & Associates 2006 New Home Builder Customer Satisfaction Survey, delayed closings are quite prevalent in Mississauga, Downtown Toronto and Greater Toronto Area. He will make your. I wish him and his team all the very best, Amit helped us to purchase our first home in Canada. Amit always goes above and beyond – I don’t think you can find a better realtor in Toronto area. Here are some of the most expensive closing costs that investors should factor into their accounting. [CDATA[// >